Ann: Sulphide Development Update - Amended, page-11

I came up with the number based on information available today, potential and risk.

If a DFS is provided with improved, specifically measured and indicated, reserve update then the number would very likely be higher as I'd imagine there would be a re-rate in SP. Between now and the end of Jan there will be two quarterly reports (a lot of repeated fluff in these) and more importantly two cashflow reports, for a positive DFS and reserve statement to have full affect these will need to also be in line with projections otherwise it will look very much like the same old story.

WMX already have huge reserves but not one ounce of them are worth a cent if it cannot be extracted (opex + capex) economically and to date they haven't, this is exactly where both the opportunity and risk is.